The Africa investor CEO Infrastructure Investment Roadshow...

The Africa investor CEO Infrastructure Investment Roadshow

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Infrastructure development in Africa has reached the point of no return and Africa investor’s infrastructure investment roadshow was an opportunity for private sector investors, project developers, development finance institutions, pension and sovereign wealth funds, PPP

leaders and strategic partners to showcase transformative project development venture capital opportunities

Resource EqualityBunengi is a preferred investment corporation operating across Africa. Our strategy encompasses our commitment to transform the livelihood of Africans through world class investment solutions in agriculture, resources, infrastructure and social infrastructure. We also partner global investors and support their operations in Africa.

www.bunengigroup.com

Tel: +27 (0) 11 784 1042 | Fax: +27 (0) 11 784 556993 Protea Road, Chislehurston, Sandton, Johannesburg, Gauteng, South Africa

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Energy Investment Leaders’ Dialogue

The Ai CEO Infrastructure Project Developers Summit 2015High quality infrastructure project development in Africa, with the support of

an improving enabling environment, holds the potential to unlock billions in

new private investment. Africa’s high growth and huge development potential

hinge on building and expanding modern infrastructure, and private investors

are more willing than ever to fund strong projects on the continent under

the right conditions, according to experts who gathered in Cape Town at the

first-ever Africa investor (Ai) CEO Infrastructure Project Developers’ Summit.

While only about half of the more than US $90 billion in regional infrastructure

needs are being financed today, regional and global financiers face a scarcity

of projects capable of being funded. IFC, a member of the World Bank Group,

through IFC InfraVentures, was the lead sponsor of the event, which was

spurred by the need to increase the pipeline of financially viable projects

currently being privately developed, as well as the conditions that support

them.

“There is no question that Africa is rising,” said Jean Philippe Prosper, IFC

Vice President for Global Client Services, in his opening keynote remarks.

“However, Africa still faces many challenges, the biggest of which is

infrastructure. Infrastructure project development takes time and risk, and

investors will only commit the effort if the conditions are right. We want to

encourage policymakers to build more capacity to improve regulation and

institutions, and public-private partnerships that balance interests through

appropriate risk-sharing mechanisms.”

Indeed, infrastructure investment continues to be the single most catalysing

opportunity to boost industrial development and job creation in Africa, said

Hubert Danso, CEO and Vice Chairman of Africa investor, in his opening

remarks; “There is dearth of engagement of development partners with

private sector project developers working on the continent, and so today we

brought many of them together to encourage ideas on how to increase the

pipeline of future projects that can lead to African growth into the future,”

he said.

Alain Ebobisse, Global Head of IFC InfraVentures summed up the environment

perfectly; “The good news is that we’ve seen at IFC a substantial increase in

the annual investment commitment in infrastructure in sub-Saharan Africa,”

he said. “We just don’t see enough bankable projects which are ready to

receive our investment and financing.” Brian Herlihy, CEO of Black Rhino,

expressed his agreement; “We’ve moved from a world over the last twenty

years where sources of capital were very limited but now we’re getting to a

world where capital itself, or scarcity of capital, isn’t the major problem. It’s

now more the intricacies of how do you develop these complex projects?”

Andrew Alli, CEO of the Africa Finance Corporation, also highlighted how

over-engineered projects in Africa tend to be compared with other places:

“We need to talk more about the models under which we finance these

projects,” he said. Projects are so complicated that there needs to be some

form of standardisation: “One of the things that we at AFC want to do is

convene all the various parties that are involved and interested in project

development, and start to work on common standards and guidelines.” Sunil

Kapur, President for the Africa Region at Tata Power, approved the sentiment:

“After having spent close to four years in perfecting the set of documentation

that was acceptable for bankability, there is a need for a standardised set of

documents which form the basic template,” he said.

Solomon Asamoah, Vice President; Infrastructure, Private Sector and Regional

Integration, at the African Development Bank, said: “We need a specialised

kind of money and risk capital; we need patient money, but most importantly,

we need a certain set of skills to develop a project.” Helen Tarnoy, Managing

Director of Aldwych International, was in agreement: the Lake Turkana wind

power project in Kenya took her company eight years to develop: “You need

a lot of patience in this job,” she said.

On skills development, Sabine Dall’Omo, CEO of Siemens, Southern Africa,

highlighted the importance of having a consistent approach; “You have to

think beyond what you need today and you cannot fast-track experience,”

she said. Of GE’s role, Vishal Agarwal, Managing Director of GE Africa, said,

“Our job as we see it is an enabling role; we’re investing in manufacturing in

our countries, we’re investing in localisation and we’re investing in training.”

For his part, Mike Wylie, Chairman of WBHO, said, “I think our experience

has been that we would like to see government employ a champion of the

project and that champion to take the project right through the feasibility,

bankability, through to the execution and the final completion of the project.”

Closing the day’s proceedings, Barbara Samuels, Executive Director of the

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Dr Mohamed Larbi Ould Khelifa, Speaker of the Assemblee Nationale,

Algeria

Alain Ebobisse, Global Head, IFC InfraVentures Andrew Alli, President/CEO, AFC


Global Clearinghouse, said, “I think that this meeting today has done

something extraordinarily important for Africa, but also for the whole

developing world and the issue of infrastructure, because it is a recognition

of where we’re failing. But it’s also a recognition of the new solutions that

have been put on the ground by our friends in the private sector and in the

public sector. And so, call it a tipping point.”

The Ai CEO Infrastructure Project Developers Summit will be an annual event

and, as a key outcome of this Summit, a dedicated network of private sector

project developers is being developed. The Summit also coincided with the

launch of an IFC InfraVentures-supported Special Ai Report on Africa’s Top

100 Project Developers, published in the May-June edition of Africa investor magazine.

The Ai Infrastructure Project Developer Awards 2015At the Summit, Ai also announced the winners of the Ai Infrastructure

Project Developers Awards. These first-of-their-kind Awards are designed to

recognise and reward excellence amongst Africa’s project developers to a

pan-African and global infrastructure investment audience.

Winners included GE Africa, which won the Ai African Social Project

Developer of the Year, and IHS Towers, which took Ai African ICT Project

Developer of the Year. The Ai African Renewable Energy Project Developer

of the Year was awarded to ACWA Power while the Ai African Logistics/

Transport Project Developer of the Year Awards went to Bouygues.

Cenpower and InfraCo shared the Award for the Ai African Energy Project

Developer of the Year. The Award for Ai Private Sector Co-Developer of the

Year was given to Africa Finance Corporation and FMO took home the Ai

Public Sector Co-Developer of the Year Award. The Ai Construction Company

Co-Developer of the Year was awarded to Bechtel and the Ai African Project

Development Financier of the Year Award went to Standard Bank.

EY was named Ai African Project Development Advisor of the Year, and

the African Water Facility received the Award for the Ai Project Preparation

Facility of the Year. The Award for the Ai Project Development Fund of the

Year went to IFC InfraVentures, and Matelec Group took home the Award

for Ai Africa Developer of the Year.

Finally, Kenya’s Privatization Commission was named Ai African Sponsor of

the Year.

CATEGORY ONE: Ai African Social Project Developer of the Year

GE Africa

CATEGORY TWO: Ai African ICT Project Developer of the Year

IHS Towers

CATEGORY THREE: Ai African Renewable Energy Project Developer of

the Year

ACWA Power

CATEGORY FOUR: Ai African Logistics/Transport Project Developer of the

Year

Bouygues

CATEGORY FIVE: Ai African Energy Project Developer of the Year

Cenpower/InfraCo

CATEGORY SIX: Ai Private Sector Co-Developer of the Year

Africa Finance Corporation

CATEGORY SEVEN: Ai Public Sector Co-Developer of the Year

Netherlands Development Finance Company (FMO)

CATEGORY EIGHT: Ai Construction Company Co-Developer of the Year

Bechtel

CATEGORY NINE: Ai African Project Development Financier of the Year

Standard Bank

CATEGORY TEN: Ai African Project Development Advisor of the Year

EY

CATEGORY ELEVEN: Ai Project Preparation Facility of the Year

African Water Facility

CATEGORY TWELVE: Ai Project Development Fund of the Year

IFC InfraVentures

CATEGORY THIRTEEN: Ai Africa Developer of the Year

Matelec Group

CATEGORY FOURTEEN: Ai African Sponsor of the Year

Privatization Commission, Kenya

The Ai CEO Infrastructure Project Developers Summit was convened with the support and partnership of IFC InfraVentures, the Africa Finance Corporation (AFC), the NEPAD Agency, Bunengi Group, AfricaPLC, the African Business Roundtable, the Association of Consulting Engineers of Namibia, the South African Federation of Civil Engineering Contractors (SAFCEC), the Association of Consulting Engineers Mauritius, the Uganda Association of Consulting Engineers, Consulting Engineers of South Africa, Quadrant PR and AllAfrica. Africa investor thanks all its partners.

Ai Infrastructure Project Developer Awards 2015 winners

2015 Ai Infrastructure Project Developer Award winners

To watch footage from the Ai CEO Infrastructure Project Developers

Summit and Awards 2015, go to www.aidevelopersummit.com;

www.africainvestor.tv; or the Africa investor YouTube channel


Brian Herlihy, CEO, Black Rhino

Sunil Kapur, President Africa Region, Tata Power

Project Developers Clinic

Leaders’ Panel on the Business of Co-development

Solomon Asamoah, Vice President, African Development Bank

Sovereign Wealth Fund Leaders’ Dialogue

Tas Anvaripour, CEO, Africa50

Vishal Agarwal, MD, GE Africa

Leaders’ Panel on Leveraging Skills Transfer and Project Maintenance

The Ai CEO Infrastructure and Sovereign Investment Summit 2015On the second day of the Ai CEO Infrastructure Investment Roadshow in

Cape Town, Africa investor closed with the 8th Ai CEO Infrastructure and

Sovereign Investment Summit and Awards.

The Summit uniquely presented high-level Africa investor recommendations

for the UN Financing for Development (FfD) process from its business and

government leaders speakers, which included: Uche Orji, CEO, Nigerian

Sovereign Investment Authority; Amadou Hott, CEO, FONSIS (Senegal’s

Sovereign Investment Fund), Nicolas J. Firzli, Director-General, World Pensions

Council; Bob Diamond, CEO and Founder, Atlas Merchant Capital; Bertrand

Badré, CFO and Managing Director, World Bank Group; Elizabeth L. Littlefield,

President and CEO, OPIC; Keiko Honda, Executive Vice-President and CEO,

MIGA; Dana Hyde, CEO, Millennium Challenge Corporation, Bob Diamond,

Founder and CEO of Atlas Merchant Capital, and capital market leaders from

Africa’s pension fund community. Also present were speakers from the JSE,

the BRVM and Angola’s stock exchange, amongst many other African and

international infrastructure investment and finance leaders.

A full day of Summit panels included an African Sovereign Wealth and

Pension Fund Leaders’ Dialogue; a Leaders’ Roundtable on PIDA Projects;

a Project Developers’ Roundtable; a Global Sovereign Wealth and Pension

Fund Leaders’ Roundtable; a Transport Investment Leaders’ Dialogue; a South

African Projects Presentation delivered by Philisiwe Mthethwa, CEO of the

National Empowerment Fund; a Leaders’ Dialogue on Secondary Market and

Alternative Infrastructure Investment Opportunities; a Leaders’ Roundtable on

Co-Investment Opportunities and an Energy Investment Leaders’ Dialogue.

The Summit gathered and engaged over 200 business and government

leaders and Ministers of Finance and Transport driving African infrastructure

investments, and heard from investors such as sovereign wealth funds,

pension funds, strategic investment funds and development finance

institutions evaluating co-investment proposals and opportunities across key

sectors, such as energy and transport infrastructure investments, as well as

regional PIDA projects such as the LAPSETT Corridor.

During his panel, Badré highlighted a changing funding environment: “In

the wake of the financial crisis, growth is the name of the game,” he said.

“There has been a transition, from a financing world dominated by banks,

to a financing world dominated by institutional investors.” Indeed, sovereign

wealth funds and pension funds are proving themselves to be vital sources of

funding on the continent. Amadou Hott, CEO of Senegal’s sovereign wealth

fund, FONSIS, indicated this when he stated, “Senegal’s sovereign wealth

fund is more of a development fund.”

In terms of developing the continent’s capital markets for infrastructure

investment, Diamond insisted during his panel that Africa needs to look at

the models that are already there in the world: “We want a deep, rich, liquid

capital market but innovation is an over-used word.” However, during her

energy session, Littlefield lauded Africa for driving innovation in renewables:

“Africa is being creative in moving ahead, faster than any other continent.

In 2014, Africa added more renewable energy than in the past 14 years

combined,” she said.

Highlighting several infrastructure opportunities on the continent, Mthethwa

said: “NEF’s vision is to be a consolidator of the fragmented healthcare market

in South Africa,” she said. This will be kick-started with the commercialisation

of four hospital licences for 630 beds, spread over three provinces; the

Western Cape, Gauteng and the Free State. “The aim is to develop centres

of excellence that will provide world-class medical services,” she said. The

first hospital, a cardiology centre, opened earlier this year. The second

hospital is currently under construction, and financial close for the third and

fourth hospitals is targeted for June and September 2015 respectively. The

transaction size is ZAR1.6 billion and has already attracted investment from

the likes of PIC and Futuregrowth.

In closing the Summit, the Global Clearinghouse’s Barbara Samuels said,

“There is a new confluence between the political imperative and the business

imperative, but there has to be a new level of coordination and exchange to

spur the regional process.” She continued; “We have an opportunity here:

we have the FfD (Financing for Development) and the SDGs (Sustainable

Development Goals), we have a real receptivity of leaders, so we need to be

innovative, open and collaborative. And this Summit represents that new level

of exchange.”

Summing up the event, Hon. James Mucharia, Acting Cabinet Secretary,

Ministry of Transport and Infrastructure for Kenya, said; “Let me say that,


Bertrand Badre, CFO and MD, World Bank Group and Bob Diamond, CEO and Founder, Atlas Merchant Capital

Hon. James Mucharia, Acting Cabinet Secretary, Ministry of Transport and Infrastructure Kenya


CATEGORY 1 Ai Infrastructure Regulator of the Year Uganda National Roads Authority

CATEGORY 2 Ai Legal Advisor of the Year Webber Wentzel

CATEGORY 3 Ai Advisor of the Year Fieldstone

CATEGORY 4 Ai Bank Arranger of the Year Rand Merchant Bank

CATEGORY 5 Ai PPP Champion of the Year The Overseas Private Investment Corporation (OPIC) CATEGORY 6 Ai Social Infrastructure Deal of the Year UBA

CATEGORY 7 Water Deal of the Year Rand Water CATEGORY 8 Oil and Gas Deal of the Year Rand Merchant Bank

CATEGORY 9 Ai ICT/Telecoms Deal of the Year Ecobank/IHS Towers

CATEGORY 10 Ai Transport Deal of the Year GE Africa

CATEGORY 11 Ai Power Deal Of the Year Lake Turkana Wind Power Limited CATEGORY 12 Ai Infrastructure Fund of the Year Harith - PAIDF 2 CATEGORY 13 Ai Regional Infrastructure Investment Initiative of the Year

African Development Bank

CATEGORY 14 Ai Pension Fund Infrastructure Investment Initiative of the Year

Botswana Public Officers Pension Fund CATEGORY 15 Ai Sovereign Wealth Fund Infrastructure Investment Initiative of the YearFundo Soberano de Angola (FSDEA) Hotel Fund

Ai Infrastructure Investment Awards Winners 2015

as a participant, I’ve found this event extremely valuable. As a government

minister, I’ve seen a lot of value. This event has given us tangible deliverables

and it was justified in coming all this way.”

Commenting on the Summit, Africa investor’s Hubert Danso said, “Building

trust amongst African and international pension and sovereign wealth funds

to reduce investment risk and increase allocations to African infrastructure

investments is critical if the continent is to implement its regional infrastructure

investment agenda and unlock its global industrial competitiveness.”

He continued, “Africa investor is therefore delighted to have hosted this

Summit and be at the forefront of this agenda through the Ai Sovereign

Infrastructure Co-Investment Platform, which is designed specifically to

facilitate greater allocations and the participation of the sovereign wealth and

pension fund community in Africa’s unparalleled infrastructure investment

opportunities.”

The Ai Infrastructure Investment Awards 2015Finally, in closing the roadshow, Africa investor also announced the winners of

the Ai Infrastructure Investment Awards. Now in their 8th year, these highly

sought-after Awards formally recognised achievements across the main

infrastructure sectors in Africa, and rewarded the institutions and personalities

driving transactions and improving the continent’s infrastructure investment

climate.

Commenting on the Awards, Danso said, “Showcasing Africa’s infrastructure

investment success stories is critical to creating references and increasing

the required finance and institutional infrastructure investment to develop

and implement the continent’s unparalleled infrastructure investment

opportunities. We are therefore delighted to host these unique awards and

congratulate the winners and all those that entered and participated in these

important Ai Awards.”

The Uganda National Roads Authority was awarded the Ai Infrastructure

Regulator of the Year Award, Webber Wentzel took the Award for Ai Legal

Advisor of the Year, and Fieldstone was awarded Ai Advisor of the Year. The

Ai Bank Arranger of the Year went to Rand Merchant Bank, and OPIC was

awarded Ai PPP Champion of the Year.

In the project category, UBA took home Ai Social Infrastructure Deal of the

Year, Water Deal of the Year went to Rand Water and Rand Merchant Bank

was awarded Oil and Gas Deal of the Year. Ecobank/IHS Towers shared the

Award for the Ai ICT/Telecoms Deal of the Year. Ai Transport Deal of the Year

went to GE Africa and Lake Turkana Wind Power Limited won Ai Power Deal

of the Year.

Harith’s PAIDF 2 fund was awarded the Ai Infrastructure Fund of the Year, the

Ai Regional Infrastructure Investment Initiative of the Year Award went to the

African Development Bank, the Botswana Public Officers’ Pension Fund took

the Ai Pension Fund Infrastructure Investment Initiative of the Year Award,

and the Ai Sovereign Wealth Fund Infrastructure Investment Initiative of the

Year Award went to Fundo Soberano de Angola (FSDEA) Hotel Fund.

2015 Ai Infrastructure Investment Awards Winners

To watch footage from the Ai CEO Infrastructure Investment

Summit and Awards 2015, go to www.aiinfrastructuresummit.

com; www.africainvestor.tv or the Africa investor YouTube

channel

Africa investor would like to thank lead Summit partner the African Development Bank, along with other supporting partners such as Bunengi Group, Rand Merchant Bank, the National Empowerment Fund, NEPAD, the African Union Commission, AfricaPLC, the African Business Roundtable, World Pensions Council, European Development Finance Institutions, Quadrant PR, and AllAfrica.

Ai Infrastructure Investment Awards Winners 2015


Mario Da Silva, CFP Pensions, Provident and Super Fund,

Methodist Church of Southern Africa

Elizabeth Littlefield, CEO, OPIC

Uche Orji, CEO, Nigerian Sovereign Investment Authority

Nicolas Firzli, Director General, World Pensions Council

Hon. Calle Schlettwein, Minister of Finance, Namibia

Transport Investment Leaders’ Dialogue

Amadou Hott, CEO, FONSIS

2015 Ai Infrastructure Investment Awards Winners

Philisiwe Mthethwa, CEO, National Empowerment Fund

For more information, please contact:Precious Nkandu+27 11 783 2431

[email protected]

Join us at the Ai CEO US-Africa RoadshowNew York, 23-25 September 2015

The Africa investor CEO Infrastructure Investment Roadshow...

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